The Icelandic FSA decision regarding Straumur Burdaras Investment bank hf.

Monday, 09. March 2009 09:55
9 March 2009

In spite of its strong capital position and the support of funding
banks Straumur Burdaras Investment bank hf. (Straumur) believes that
its liquidity position is no longer strong enough to sustain its
activities.

The Icelandic Financial Supervisory Authority (IFSA) has therefore
decided to assume the powers of a meeting of the shareholders of
Straumur and immediately suspend the Board in its entirety. Further,
the IFSA hereby appoints a Resolution Committee, which will take over
all authority of the Board of Directors.

As a result of this Straumur is closed.

According to a statement from the government of Iceland dated 6
October 2008, all deposits of Icelandic commercial banks are fully
secured. Straumur is a licensed commercial bank and is a member of
The Depositors' and Investors' Guarantee Fund.

Further to this, William Fall, CEO of Straumur, has tendered his
resignation for the company, effective immediately.

For further information, contact

The Financial Supervisory Authority - Iceland (FME)
Phone: +354 525 2700
fme@fme.is

Georg Andersen
Senior Vice President, Head of Corporate Communications
Tel: +354 585 6707
georg@straumur.com


This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
Related Links: 
Author:
Hugin
Copyright GlobeNewswire, Inc. 2016. All rights reserved.
You can register yourself on the website to receive press releases directly via e-mail to your own e-mail account.